This page shows Insmed Inc (INSM) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 17 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Financial Health Signals
Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores
Insmed Inc has an operating margin of -205.6%, meaning the company retains $-206 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is up from -241.5% the prior year.
Insmed Inc's revenue surged 66.7% year-over-year to $606.4M, reflecting rapid business expansion. This strong growth earns a score of 100/100.
Insmed Inc carries a low D/E ratio of 0.73, meaning only $0.73 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 87/100, indicating a strong balance sheet with room for future borrowing.
With a current ratio of 3.83, Insmed Inc holds $3.83 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 75/100.
While Insmed Inc generated -$935.0M in operating cash flow, capex of $32.6M consumed most of it, leaving -$967.6M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.
Insmed Inc generates a -172.8% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is up from -320.2% the prior year.
Insmed Inc passes 4 of 9 financial strength tests. 1 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, Insmed Inc generates $0.73 in operating cash flow (-$935.0M OCF vs -$1.3B net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Insmed Inc earns $-14.9 in operating income for every $1 of interest expense (-$1.2B vs $83.8M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
Insmed Inc generated $606.4M in revenue in fiscal year 2025. This represents an increase of 66.7% from the prior year.
Insmed Inc's EBITDA was -$1.2B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 42.0% from the prior year.
Insmed Inc reported -$1.3B in net income in fiscal year 2025. This represents a decrease of 39.7% from the prior year.
Insmed Inc earned $-6.42 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 15.3% from the prior year.
Cash & Balance Sheet
Insmed Inc generated -$967.6M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 37.1% from the prior year.
Insmed Inc held $510.4M in cash against $541.0M in long-term debt as of fiscal year 2025.
Insmed Inc had 216M shares outstanding in fiscal year 2025. This represents an increase of 19.1% from the prior year.
Margins & Returns
Insmed Inc's gross margin was 79.7% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 3.3 percentage points from the prior year.
Insmed Inc's operating margin was -205.6% in fiscal year 2025, reflecting core business profitability. This is up 35.9 percentage points from the prior year.
Insmed Inc's net profit margin was -210.5% in fiscal year 2025, showing the share of revenue converted to profit. This is up 40.7 percentage points from the prior year.
Insmed Inc's ROE was -172.8% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 147.4 percentage points from the prior year.
Capital Allocation
Insmed Inc invested $771.1M in research and development in fiscal year 2025. This represents an increase of 28.9% from the prior year.
Insmed Inc invested $32.6M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 48.5% from the prior year.
INSM Income Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $263.8M+85.4% | $142.3M+32.5% | $107.4M+15.7% | $92.8M-11.1% | $104.4M+11.8% | $93.4M+3.4% | $90.3M+19.7% | $75.5M |
| Cost of Revenue | $44.2M+50.6% | $29.4M+4.6% | $28.1M+31.9% | $21.3M-18.6% | $26.2M+23.5% | $21.2M+1.0% | $21.0M+20.1% | $17.5M |
| Gross Profit | $219.6M+94.4% | $113.0M+42.4% | $79.3M+10.9% | $71.5M-8.6% | $78.3M+8.4% | $72.3M+4.1% | $69.4M+19.5% | $58.0M |
| R&D Expenses | $254.9M+36.7% | $186.4M+5.2% | $177.2M+16.1% | $152.6M-15.1% | $179.7M+19.2% | $150.8M+2.8% | $146.7M+21.2% | $121.1M |
| SG&A Expenses | $212.5M+14.0% | $186.4M+20.4% | $154.8M+4.9% | $147.5M+3.5% | $142.5M+19.8% | $118.9M+11.6% | $106.6M+14.5% | $93.1M |
| Operating Income | -$319.7M+12.6% | -$366.0M-17.0% | -$312.9M-26.1% | -$248.1M-7.7% | -$230.4M-8.0% | -$213.4M+26.1% | -$288.9M-98.6% | -$145.5M |
| Interest Expense | $20.6M+1.1% | $20.4M-4.1% | $21.2M-1.5% | $21.6M+0.1% | $21.6M+2.4% | $21.1M-1.0% | $21.3M+1.1% | $21.0M |
| Income Tax | $1.6M+17.5% | $1.3M+6.2% | $1.2M+36.3% | $912K-28.0% | $1.3M+24.9% | $1.0M+21.0% | $838K+42.3% | $589K |
| Net Income | -$328.5M+11.2% | -$370.0M-15.0% | -$321.7M-25.4% | -$256.6M-8.9% | -$235.5M-6.8% | -$220.5M+26.6% | -$300.6M-91.4% | -$157.1M |
| EPS (Diluted) | N/A | $-1.75-2.9% | $-1.70-19.7% | $-1.42 | N/A | $-1.27+34.5% | $-1.94-83.0% | $-1.06 |
INSM Balance Sheet
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $2.3B-4.1% | $2.4B-4.8% | $2.5B+37.6% | $1.8B-11.0% | $2.0B-1.4% | $2.1B+13.4% | $1.8B+56.2% | $1.2B |
| Current Assets | $1.8B-7.1% | $1.9B-7.2% | $2.1B+48.4% | $1.4B-13.5% | $1.6B-1.7% | $1.6B+16.3% | $1.4B+86.9% | $758.7M |
| Cash & Equivalents | $510.4M+52.5% | $334.8M-73.9% | $1.3B+218.5% | $403.2M-27.3% | $555.0M+20.3% | $461.5M-63.0% | $1.2B+109.3% | $595.7M |
| Inventory | $132.1M+9.2% | $121.0M+12.4% | $107.6M+6.8% | $100.7M+2.2% | $98.6M+0.1% | $98.5M+9.3% | $90.1M+8.6% | $83.0M |
| Accounts Receivable | $140.9M+115.8% | $65.3M+18.6% | $55.0M+15.3% | $47.7M-8.2% | $52.0M+22.9% | $42.3M+5.0% | $40.3M+8.4% | $37.2M |
| Goodwill | $136.1M0.0% | $136.1M0.0% | $136.1M0.0% | $136.1M0.0% | $136.1M0.0% | $136.1M0.0% | $136.1M0.0% | $136.1M |
| Total Liabilities | $1.5B+7.8% | $1.4B+15.0% | $1.2B-27.8% | $1.7B-2.1% | $1.7B+10.8% | $1.6B-11.4% | $1.8B+9.1% | $1.6B |
| Current Liabilities | $468.9M+12.4% | $417.2M+33.9% | $311.7M+30.3% | $239.2M-19.6% | $297.5M+14.8% | $259.2M-50.6% | $524.2M+24.5% | $420.9M |
| Long-Term Debt | $541.0M+0.2% | $539.7M+0.2% | $538.5M-51.3% | $1.1B+0.2% | $1.1B+15.6% | $954.8M+0.8% | $946.8M+0.8% | $939.1M |
| Total Equity | $739.0M-21.8% | $945.6M-24.3% | $1.2B+1160.3% | $99.2M-65.3% | $285.4M-41.0% | $483.4M+1145.3% | $38.8M+108.4% | -$464.8M |
| Retained Earnings | -$5.6B-6.2% | -$5.3B-7.5% | -$4.9B-7.0% | -$4.6B-5.9% | -$4.4B-5.7% | -$4.1B-5.6% | -$3.9B-8.3% | -$3.6B |
INSM Cash Flow Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$247.6M-12.7% | -$219.8M-6.9% | -$205.6M+21.6% | -$262.1M-33.7% | -$196.0M-8.3% | -$180.9M-47.1% | -$123.0M+33.2% | -$184.0M |
| Capital Expenditures | $16.6M+586.1% | $2.4M-30.6% | $3.5M-65.4% | $10.1M+48.7% | $6.8M+83.6% | $3.7M-45.6% | $6.8M+45.0% | $4.7M |
| Free Cash Flow | -$264.2M-18.9% | -$222.2M-6.3% | -$209.1M+23.2% | -$272.2M-34.2% | -$202.8M-9.8% | -$184.6M-42.3% | -$129.7M+31.3% | -$188.7M |
| Investing Cash Flow | $389.4M+151.1% | -$762.2M-434.6% | $227.8M+183.3% | $80.4M-39.0% | $131.8M+113.1% | -$1.0B-14693.9% | -$6.8M-102.3% | $295.3M |
| Financing Cash Flow | $33.9M+1.3% | $33.4M-96.1% | $857.8M+2858.2% | $29.0M-81.8% | $159.3M-59.9% | $397.2M-49.2% | $781.5M+25760.1% | $3.0M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
INSM Financial Ratios
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 83.2%+3.9pp | 79.4%+5.5pp | 73.9%-3.2pp | 77.1%+2.1pp | 75.0%-2.4pp | 77.3%+0.5pp | 76.8%-0.1pp | 76.9% |
| Operating Margin | -121.2%+135.9pp | -257.1%+34.1pp | -291.3%-24.0pp | -267.3%-46.7pp | -220.6%+7.8pp | -228.4%+91.3pp | -319.8%-127.1pp | -192.7% |
| Net Margin | -124.5%+135.4pp | -259.9%+39.5pp | -299.5%-23.1pp | -276.4%-50.9pp | -225.5%+10.5pp | -236.0%+96.7pp | -332.8%-124.7pp | -208.1% |
| Return on Equity | -44.5%-5.3pp | -39.1%-13.4pp | -25.7%+233.0pp | -258.8%-176.2pp | -82.5%-36.9pp | -45.6%+728.8pp | -774.4% | N/A |
| Return on Assets | -14.5%+1.2pp | -15.7%-2.7pp | -13.0%+1.3pp | -14.2%-2.6pp | -11.6%-0.9pp | -10.7%+5.9pp | -16.6%-3.1pp | -13.6% |
| Current Ratio | 3.83-0.8 | 4.63-2.0 | 6.68+0.8 | 5.86+0.4 | 5.45-0.9 | 6.37+3.7 | 2.71+0.9 | 1.80 |
| Debt-to-Equity | 0.73+0.2 | 0.57+0.1 | 0.43-10.7 | 11.14+7.3 | 3.87+1.9 | 1.98-22.4 | 24.39+26.4 | -2.02 |
| FCF Margin | -100.1%+56.0pp | -156.1%+38.5pp | -194.6%+98.6pp | -293.2%-99.1pp | -194.1%+3.5pp | -197.6%-54.0pp | -143.6%+106.3pp | -249.9% |
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Frequently Asked Questions
What is Insmed Inc's annual revenue?
Insmed Inc (INSM) reported $606.4M in total revenue for fiscal year 2025. This represents a 66.7% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Insmed Inc's revenue growing?
Insmed Inc (INSM) revenue grew by 66.7% year-over-year, from $363.7M to $606.4M in fiscal year 2025.
Is Insmed Inc profitable?
No, Insmed Inc (INSM) reported a net income of -$1.3B in fiscal year 2025, with a net profit margin of -210.5%.
What is Insmed Inc's EBITDA?
Insmed Inc (INSM) had EBITDA of -$1.2B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Insmed Inc have?
As of fiscal year 2025, Insmed Inc (INSM) had $510.4M in cash and equivalents against $541.0M in long-term debt.
What is Insmed Inc's gross margin?
Insmed Inc (INSM) had a gross margin of 79.7% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Insmed Inc's operating margin?
Insmed Inc (INSM) had an operating margin of -205.6% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Insmed Inc's net profit margin?
Insmed Inc (INSM) had a net profit margin of -210.5% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Insmed Inc's return on equity (ROE)?
Insmed Inc (INSM) has a return on equity of -172.8% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Insmed Inc's free cash flow?
Insmed Inc (INSM) generated -$967.6M in free cash flow during fiscal year 2025. This represents a -37.1% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Insmed Inc's operating cash flow?
Insmed Inc (INSM) generated -$935.0M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Insmed Inc's total assets?
Insmed Inc (INSM) had $2.3B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Insmed Inc's capital expenditures?
Insmed Inc (INSM) invested $32.6M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Insmed Inc spend on research and development?
Insmed Inc (INSM) invested $771.1M in research and development during fiscal year 2025.
What is Insmed Inc's current ratio?
Insmed Inc (INSM) had a current ratio of 3.83 as of fiscal year 2025, which is generally considered healthy.
What is Insmed Inc's debt-to-equity ratio?
Insmed Inc (INSM) had a debt-to-equity ratio of 0.73 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Insmed Inc's return on assets (ROA)?
Insmed Inc (INSM) had a return on assets of -56.4% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Insmed Inc's cash runway?
Based on fiscal year 2025 data, Insmed Inc (INSM) had $510.4M in cash against an annual operating cash burn of $935.0M. This gives an estimated cash runway of approximately 7 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is Insmed Inc's Piotroski F-Score?
Insmed Inc (INSM) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Insmed Inc's earnings high quality?
Insmed Inc (INSM) has an earnings quality ratio of 0.73x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Insmed Inc cover its interest payments?
Insmed Inc (INSM) has an interest coverage ratio of -14.9x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Insmed Inc?
Insmed Inc (INSM) scores 44 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.